1. Field of the Disclosure
The disclosure relates to a system and method for accelerating mortgage payoff on a home mortgage in a program and simultaneously providing a line of credit together with an integrated deposit account for the mortgagee in the same program.
2. General Background
Various types of payment plans for paying one's home mortgage and having a line of credit, such as an equity loan, are known. These plans are basically lending and repayment plans. However, no plans are known which replaces one's home mortgage and the mortgagee's checking account and which maintains all of the various types of transactions offered by a checking account throughout such integration.
There is a need for such a system which reduces a mortgagee's loan principal balance while providing the mortgagee with a line of credit and full, integrated access to those funds in the same manner to which they are accustomed via traditional checking accounts. Such a system would also allow a mortgagee's cash to work harder when not using it.